HOUSTON -- Talos Energy LLC, as operator, together with its joint venture partners Sierra Oil and Gas S. de R.L de C.V. and Premier Oil Plc, has announced that the Zama-1 exploration well, offshore Mexico, has completed drilling operations, reaching a TD of 13,480 ft (4,109 m). Zama-1 is the first offshore exploration well to be drilled by the private sector in Mexico.

Well results confirmed the base of the reservoir section, with no penetration of an oil-water-contact. The well drilled deeper into a higher risk formation and no additional hydrocarbons were encountered. The initial oil in-place volumes for the Zama-1 well are, as previously announced, from 1.4 to 2.0 Bbbl. The gross oil bearing interval is over 1,100 ft (335 m). Talos finished drilling operations ahead of schedule and under budget. The well has been suspended as a future producer.

Talos, together with its joint venture partners Sierra and Premier, is now analyzing all the data gathered from the Zama-1 well and evaluating the best way to appraise and develop this historic discovery.

"To announce such a historic discovery less than two years after being awarded the block, safely and without incident, is an excellent example of the benefits of having smaller operators participate in the reforms – we can match the operational sophistication of our larger peers, but with a heightened sense of urgency” said Tim Duncan, president and CEO. "We look forward to our appraisal activities on Zama and continuing to explore additional prospects on our acreage.”